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The Crypto Daily – Movers and Shakers – June 29th, 2020

Bob Mason
·4 min read

Bitcoin rose by 1.23% on Sunday. Partially reversing a 1.72% fall from Saturday, Bitcoin ended the week down by 1.87% to $9,125.4.

It was a mixed start to the day for Bitcoin. In the early hours, Bitcoin fell to an early morning intraday low $8,946.6 before finding support.

Steering clear of the 23.6% FIB of $8,900 and the first major support level at $8,846.03, Bitcoin rallied to a late afternoon intraday high $9,193.2.

Coming up against the first major resistance level at $9,193.53, Bitcoin fell back to sub-$9,100 levels.

Finding late support, however, Bitcoin recovered to $9,100 levels ahead of the day end.

The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish day on Saturday.

Bitcoin Cash ABC and Cardano’s ADA led the way, with gains of 4.22% and 3.82% respectively.

Bitcoin Cash SV (+2.92%), Stellar’s Lumen (+2.39%), and Tezos (+2.16%) also found strong support.

Binance Coin (+1.79%), EOS (+1.56%), Ethereum (+1.82%), Monero’s XMR (+1.82%), Ripple’s XRP (+1.07%), and Tron’s TRX (+1.94%) trailed the front runners.

Litecoin saw a modest gain of 0.71% on the day.

For the week, it was mixed, with Cardano’s ADA rising by 2.36% to buck the trend.

It was bearish for the rest of the majors in the week ending 28th June.

Tezos (-8.50%), Stellar’s Lumen (-7.25%), Bitcoin Cash SV (-6.15%), and EOS (-5.72%) led the way down.

Binance Coin (-3.63%), Bitcoin Cash ABC (-3.19%), Litecoin (-3.82%), Monero’s XMR (-2.03%), and Ripple’s XRP (-4.77%) also struggled.

Ethereum and Tron’s TRX saw relatively modest losses of 1.29% and 0.78% respectively.

Through the week, the crypto total market cap rose to a Monday high $274.23bn before falling to a Saturday low $243.89bn. At the time of writing, the total market cap stood at $253.96bn.

Bitcoin’s dominance slid to a Wednesday low 65.52% before jumping to a Saturday high 66.68%. At the time of writing, Bitcoin’s dominance stood at 66.09%.

This Morning

At the time of writing, Bitcoin was up by 0.02% to $9,126.9. A mixed start to the day saw Bitcoin fall from an early morning high $9,136.8 to a low $9,107.4.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (-0.42%), Bitcoin Cash SV (-0.08%), EOS (-0.25%), and Litecoin (-0.05%) were in the red at the time of writing.

It was a bullish start to the day for the rest of the majors.

Cardano’s ADA led the way with a 1.66% gain.

For the Bitcoin Day Ahead

Bitcoin would avoid a fall through the $9,090 pivot to support a run at the first major resistance level at $9,230.2.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,193.2.

Barring an extended crypto rebound, the first major resistance level and Sunday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,335.0.

Failure to avoid a fall through the $9,090 pivot level could see Bitcoin struggle later in the day.

A fall back through to sub-$9,000 would bring the first major support level at $8,983.6 into play.

In the event of another extended crypto sell-off, the 23.6% FIB of $8,900 and the second major support level at $8,841.8 may be tested.

This article was originally posted on FX Empire

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